A. Prior to the execution of a purchase contract, a purchaser shall be given a separate written document, titled "Buyer's Acknowledgment," to be signed by the purchaser and a representative of the developer other than the salesperson for the transaction.
B. The Buyer's Acknowledgment shall contain the following:
1. The name and address of the developer;
2. The name and address of the time-share project;
3. Whether the developer currently offers a resale or rental program or a buy-back program; and
4. The following statement in at least 10-point boldface type:
"There is no assurance that a purchaser may resell a time-share for a certain price or on particular terms. By signing below, purchaser acknowledges that this purchase is (i) for personal use and enjoyment and not for commercial or investment purposes and (ii) not being made based upon any representation that the time-share has any future market value or resale potential."
2012, c. 751, § 55-376.5; 2019, c. 712.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 22 - Virginia Real Estate Time-Share Act
§ 55.1-2202. Administrative agency
§ 55.1-2203. Status of time-share estates with respect to real property interests
§ 55.1-2204. Applicability of local ordinances, regulations, and building codes
§ 55.1-2206. Severability of provisions of time-share instruments
§ 55.1-2207. Time-sharing permitted
§ 55.1-2209. Time-share instrument for time-share estate project
§ 55.1-2210. Developer control in time-share estate program
§ 55.1-2211. Time-share estate owners' association control liens
§ 55.1-2212. Time-share owners' association books and records; meetings; use of email
§ 55.1-2213. Time-share estate owners' association annual report
§ 55.1-2214. Time-share instrument for project
§ 55.1-2216. Termination of certain time-shares
§ 55.1-2217. Public offering statement
§ 55.1-2218. Certain advertising practices regulated
§ 55.1-2219. Exchange programs
§ 55.1-2220. Escrow of deposits; use of corporate surety bond or irrevocable letter of credit
§ 55.1-2221. Purchaser's rights of cancellation
§ 55.1-2222. Possibility of reverter
§ 55.1-2223. Recording and delivery of deed
§ 55.1-2224. Liability limited; liability actions prohibited
§ 55.1-2226. Buyer's Acknowledgment
§ 55.1-2227. Resale of time-shares
§ 55.1-2228. Required resale disclosures
§ 55.1-2231. Statute of limitations; actions; limitation on rescission rights
§ 55.1-2233. Financial records
§ 55.1-2234. Developer's obligation to complete
§ 55.1-2235. Financing of time-share programs
§ 55.1-2236. Purchaser's rights under developer's foreclosure
§ 55.1-2237. Protection of lien holder
§ 55.1-2238. Registration of time-share program required
§ 55.1-2239. Application for registration
§ 55.1-2241. Receipt of application; effectiveness of registration
§ 55.1-2242. Annual report; amendments
§ 55.1-2243. Termination of registration
§ 55.1-2244. Registration required for time-share resellers; exemptions; prohibited practices
§ 55.1-2245. Recordkeeping by resellers
§ 55.1-2246. Alternative purchase; registration
§ 55.1-2247. General powers and duties of Board
§ 55.1-2248. Cancellation of cease and desist order; reinstatement of registration of developer
§ 55.1-2249. Board regulation of public offering statement